Derivatives and Risk Management (Tables)

12 Months Ended

Dec. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of outstanding forward contracts

As of December 30, 2023, the Company had the following outstanding forward contracts designated as cash flow hedges that were entered into to hedge the future payments of intercompany inventory transactions (in millions):

Functional Currency		Contract Currency
Type	Amount	Type	Amount
Euro	50.9	U.S. dollar	56.3
Canadian dollar	25.3	U.S. dollar	19.0
Mexican peso	121.1	U.S. dollar	6.8
British pound	4.5	U.S. dollar	5.7
Japanese yen	395.5	U.S. dollar	3.0
Australian dollar	3.8	U.S. dollar	2.5
U.S. dollar	3.5	Japanese Yen	480.0

Schedule of derivatives instruments statements of financial performance and financial position, location

The effective portion of gains and losses on cash flow hedges that were recognized in other comprehensive income (loss), net of taxes during fiscal years 2023, 2022 and 2021 are set forth below (in thousands):

Fiscal Year	2023		2022		2021
Cash flow hedges:
Forward contracts	$	(708)	$	12,176	$	5,868
Total gain (loss) recognized in other comprehensive income (loss), net of taxes	$	(708)	$	12,176	$	5,868

Schedule of effective portion of gains and losses on derivative instruments designated and qualifying as cash flow hedges recorded in other comprehensive income (loss), net of taxes during the term of the hedging relationship and reclassified into earnings and gains and losses on derivatives not designated as hedging instruments recorded

The following table illustrates the effective portion of gains and losses on derivative instruments recorded in other comprehensive income (loss), net of taxes during the term of the hedging relationship and reclassified into earnings, and gains and losses on derivatives not designated as hedging instruments recorded directly to earnings during fiscal years 2023, 2022 and 2021 (in thousands):

Derivative Instruments	Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) Location	Effect of Derivative Instruments	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Forward contracts designated as cash flow hedging instruments	Cost of sales	Total gain (loss) reclassified from accumulated other comprehensive income (loss)	$	(1,001)	$	10,789	$	2,429
Forward contracts designated as cash flow hedging instruments	Other income (expense)-net	Total gain (loss) reclassified from accumulated other comprehensive income (loss)	$	1,002	$	3,334	$	(55)
Forward contracts not designated as hedging instruments	Other income (expense)-net	Total gain (loss) recognized in income	$	83	$	128	$	37

Schedule of fair value amounts for derivative instruments as separate asset and liability values on a gross basis and their location on condensed consolidated balance sheets

The following table discloses the fair value amounts for the Company's derivative instruments as separate asset and liability values, presents the fair value of derivative instruments on a gross basis, and identifies the line items in the consolidated balance sheets in which the fair value amounts for these categories of derivative instruments are included (in thousands):

	Asset Derivatives						Liability Derivatives
	December 30, 2023			December 31, 2022			December 30, 2023			December 31, 2022
	Consolidated Balance Sheets Location	Fair Value		Consolidated Balance Sheets Location	Fair Value		Consolidated Balance Sheets Location	Fair Value		Consolidated Balance Sheets Location	Fair Value
Forward contracts designated as cash flow hedging instruments	Prepaid expenses and other current assets	$	339	Prepaid expenses and other current assets	$	2,783	Accrued expenses-other	$	1,044	Accrued expenses-other	$	2,659
Forward contracts not designated as cash flow hedging instruments	Prepaid expenses and other current assets	—		Prepaid expenses and other current assets	—		Accrued expenses-other	7		Accrued expenses-other	16
Forward contracts designated as cash flow hedging instruments	Intangible and other assets-net	20		Intangible and other assets-net	112		Other long-term liabilities	28		Other long-term liabilities	318
Total		$	359		$	2,895		$	1,079		$	2,993

The following table summarizes the effects of the Company's derivative instruments on earnings (in thousands):

	Effect of Derivative Instruments
	Fiscal Year 2023				Fiscal Year 2022
	Cost of Sales		Other Income (Expense)-net		Cost of Sales		Other Income (Expense)-net
Total amounts of income and expense line items presented in the consolidated statements of income (loss) and comprehensive income (loss) in which the effects of cash flow hedges are recorded	$	732,803	$	8,665	$	851,760	$	(1,416)
Gain (loss) on cash flow hedging relationships:
Forward contracts designated as cash flow hedging instruments:
Total gain (loss) reclassified from other comprehensive income (loss)	(1,001)		1,002		10,789		3,334
Forward contracts not designated as cash flow hedging instruments:
Total gain (loss) recognized in income	—		83		—		128